Wallets

Wallets, wallets, and then more wallets!

But which wallet is right for you?

CoinBase can be used as a wallet, My Ether Wallet is a web wallet, some cryptos require you to download a specific wallet, such as a desktop wallet (these sometimes require the download of a copy of the respective blockchain, but not in all cases).

Then, we have mobile wallets, paper wallets, and probably the safest way to store and use your cryptocurrencies; the hardware wallet (often abbreviated to HWW).

But! What one to pick? Interesting question!

There are 3 types of wallets (or upwards of 10 depending on how you wish to characterise each of them) they are as follows:

Online wallet – Coinbase as mentioned above is a wallet. You can simply buy your coins there and keep them there if you wish too. (I wouldn’t suggest it! More on that later).

Pros: Easy to buy, and also send and receive.
Cons: If their website goes down and you can’t get onto it? You’ve had it!

If you’re not willing to take that risk, then you may want one of the following:

Paper wallet – The paper wallet is an offline representation of the information you need to access your coins on the blockchain. It can be printed off (or written down), and stored somewhere offline for safe keeping.

Hardware wallet –There are currently 2 main hardware wallets available.

The two main companies are Ledger and Trezor. But more and more of these devices are launching every day.